Our office is feeling thankful, and we hope you are too! Now is a good time to think about charities. Here are a few ideas.
First, consider gifting out of your retirement account (IRA).* For example, instead of receiving a required minimum distribution and writing a check, ask your wealth manager how to donate to your charity out of your IRA. The big advantage is that your charity receives more money—perhaps 50% (or more)! All of the money that comes out of your IRA goes to the charity. If you pulled the funds out of the IRA, and paid taxes on the distribution, then you’d have a much smaller donation for your charity.